The recent Bitcoin Doji "Death Candle" - Your thoughts?

[pixie85]

Those Doji's are indicative of a indecision, meaning both bulls and bears are still fighting it out as to who will going to control the market. Bulls has been taking over the market since February so there could be sign of exhaustion and this is why the Doji's pattern pop up. So there could be possible reversals here, but I don't think that it will fall to a new lower's low, we will have a slide perhaps in lows $7000 before finally managing to have a new break-out run.

So we really have to look and see what's going to be the pattern in the next coming days, maybe there could be blood in the market, so let's see how the weak hands will react on this one.

I wouldn't call that huge dump in February as bullish. The earliest signs of a bullish reversal were visible on April 2 when we reached 5000 dollars. It still wasn't a confirmed bull market because we were still below a big resistance level of 6000 but now we are in bull for sure.

Going over 6000 now is similar to when we touched 500 dollars in November 2016. It's the same exact bullish pattern of recovering to 50% of ATH.

[Twinkledoe]

When it comes to technical analysis, stocks and money market traders are experts on this chart analysis. I don't really believe all the predictions and chart or technical analysis of many so-called trading experts. I have been in bitcoin many years already and all I can say is that bitcoin has its own movement and most of the time experts opinion and technical analysis does not happen.

With the price volatility highly involved in bitcoin movement, technical analysis doesn't work most of the time if you apply them. But still, being knowledgeable with TA will help you guide in some trading transactions. But don't expect that you can always rely on your analysis.

[bitgolden]

Hey guys!

I know that we are hoping for a rally, but it goes south instead. From hovering around $8,400-$8,500, it's now dropping to below $8,000 for the first time in a long while.

Check out the article here: https://bitcoinist.com/bitcoin-price-analysis-doji-death-candle/

But I just wanna ask you guys about the Doji "Death Candle" formed hours ago. Is it going to end the rally and continue to move downward? Or just short-term only?

I keep holding Bitcoin, Ethereum, Ripple and other digital assets I have because I still believe it will rebound later on.

What are your thoughts about this one guys? I would love to hear from you all, no matter if it's positive or negative.

Cheers and Happy Tuesday to all!

I want to believe the analysis is just for a short term as it has always been, I don’t see anything that alarming with this price drop, it has happened before, it happened when bitcoin value was trying to rise to $8000, we had a drop of like $1000 dollars, and it wasn’t long before it got back to $8k and moved above it.

I am not sure this drop was up to $1000, so we should not really lose out to these “death candle”. I believe more in the strength of bitcoin and its bull that this report which will be over very soon. We are all very optimistic that the correction may be the last now before reaching the next increase which will be like $10k.

[beerlover]

I believe its a temporary thing and won't affect the long term bull run. You have to remember there were a lot of people who bought bitcoin during 2017 peak and some of those people averaged down and bought more from the bottom and now they are trying to get out with either profit or at least break even and maybe even for little loss. That is why I think from here on out until we go to our next top we will see a lot of drops like this because people will want to get out but whoever is left will continue to fight, these people who sell right now are not the people that caused this bull run, it was caused by people buying and sellers are not buyers they are holders if you ask me and when we get rid of holders and only left with a lot of buyers and some sellers we will go higher faster.

[Jating]

I believe its a temporary thing and won't affect the long term bull run. You have to remember there were a lot of people who bought bitcoin during 2017 peak and some of those people averaged down and bought more from the bottom and now they are trying to get out with either profit or at least break even and maybe even for little loss.

Or majority of them really sold out in 2018 and just went out because they can't bear seeing their portfolio going down.

That is why I think from here on out until we go to our next top we will see a lot of drops like this because people will want to get out but whoever is left will continue to fight, these people who sell right now are not the people that caused this bull run, it was caused by people buying and sellers are not buyers they are holders if you ask me and when we get rid of holders and only left with a lot of buyers and some sellers we will go higher faster.

Yeah, we will definitely see some drops along the way. Those who sold out are what we call the weak hands, shaken by the recent drop, but hey it's the only way to really how how the market operates. Maybe need time they won't really sell for a minor drop and will continue to hold and long at their investments for the long haul.